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$180,000

For Sale - Active
2050 N Congress Ave Apt 407, West Palm Beach, FL 33401
2 Beds
2 Baths
1,030 Square Feet
0.00 Acres Lot
Built in 1981
For Sale - Active
Units n/a
Checked: 16 hours ago
Updated: Aug 31, 2025 at 06:30PM

Investment Summary


Monthly Cash Flow
-$255
Cap Rate
4.4%
Cash-on-Cash Return
-7.4%
Debt Coverage Ratio
0.72
Internal Rate of Return (5 years)
-3.2%

Property Description


0.00 Acres Lot
Built in 1981
For Sale - Active
Units n/a

2-Bedroom / 2-Bath, LOW MONTHLY HOA.Centrally Located next to Outlet Mall, 195, Home Depot, Target, 10-min to CityPlace and much more ! Needs TLC.

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Location


Property Details


Parking

  • Garage Spaces: 0
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 2

Bathroom Information

  • # of Baths (Full): 2
  • # of Baths (Total): 2.0

Interior Features

  • # of Stories: 4

HOA

  • Has HOA: Yes
  • HOA Fee: $395/monthly

Land Information

  • Land Use: Residential
  • Land Use Subtype: Condominium Unit

Lot Information

  • Parcel ID: 74434318060124070
  • Lot Size: 0 sqft

Property Information

  • Property Type: Condominium
  • Year Built: 1981

Tax Information

  • Annual Tax: $2,159

Utilities

  • Water & Sewer: Public
  • Heating: Central
  • Cooling: Central Air

Location

  • County: Palm Beach

Listing Details


Listed by:
Daniel Woodley
Marx Realty Group Inc
(561) 502-2685

Source:
BeachesMLS
MLS#: R11105395
BeachesMLS

Investment Summary


Monthly Cash Flow
-$255
Cap Rate
4.4%
Cash-on-Cash Return
-7.4%
Debt Coverage Ratio
0.72
Internal Rate of Return (5 years)
-3.2%

Purchase Details

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Purchase price:
$180,000
Amount financed:
-$144,000
Down payment:
$36,000
Closing costs:
$5,400
Rehab costs:
$0
Initial cash invested:
$41,400
Square feet:
1,030
Cost per square foot:
$175
Monthly rent per square foot:
$1.75

Financing Details

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Loan amount:
$144,000
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.625%
Principal & interest:
$922
Property tax:
$180
Insurance:
$126
Private mortgage insurance (PMI):
$0
Monthly payment:
$1,228

Operating Income

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% Rent Monthly Yearly
Gross rent:
$1,800 $21,600
Vacancy loss: (6%)
6% -$108 -$1,296
Operating income:
$1,692 $20,304

Operating Expenses


% Rent Monthly Yearly
Property taxes: (10%)
10%-$180-$2,159
Insurance: (7%)
7%-$126-$1,512
Property management: (8%)
8%-$144-$1,728
Repairs & maintenance: (5%)
5%-$90-$1,080
Capital expenditures: (5%)
5%-$90-$1,080
HOA fees: (22%)
22%-$395-$4,740
Total operating expenses: (57%)
57%-$1,025-$12,299

Cash Flow


Monthly Yearly
Net operating income:
$667 $8,004
Mortgage payments:
-$922 -$11,064
Cash flow:
-$255 -$3,060